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El-Garhy: Gov't plans to shrink total budget deficit 8.4% in coming FY

Finance Minister Amr El-Garhy said the government seeks to decrease the total budget deficit  to 8.4% in the coming fiscal year.

In a statement on Tuesday, he said the economic reforms were inevitable in view of rising deficit and public debts which were largely downed under the reforms.

He said the ministry also plans to shrink public debts to 75% by 2022. 

He noted that downing inflation rates over the past four months by 1% on monthly basis is a cogent proof of improving economic conditions under the comprehensive economic and social reform program.

El-Garhy said these economic measures would have never been carried out without the support of the political leadership.

He added that the government seeks to realize good rates of economic growth.

He said the government aims to up economic growth rate to 7% in the long term, a matter that would create more jobs.

The government works on boosting the private sector, pumping more funds into the infrastructure, reducing imports and raising exports, he said.

As for the petroleum and natural gas file, he said Egypt's output of natural gas and petroleum decreased after 2010 and Egypt was forced to import to cover energy resources shortage.

However, the recent oil and natural gas discoveries improved the situation for the energy resources to be more stable in Egypt, he expounded.

As for the social dimension, he said the measures adopted by the government to reinforce the social protection network have so far offered more protection to limited income and needy strata.

El-Garhy said that the taxes in the coming fiscal year will represent 14.25% of the Gross Domestic Product (GDP) and this percentage is expected to rise to 17% within the coming four years.

He added that a facilitated mechanism of taxes on small and medium sized enterprises will be reviewed by the cabinet to catalyze this sector.

He noted that industry began to gradually grow and the investment law has granted tax exmeption amounting to 50%.
   

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